Dixie Carter is no longer President of TNA Wrestling after a major shakeup in the company was announced on Friday afternoon.

Carter will now become the company's Chairman and Chief Strategy Officer, while Billy Corgan will take over Carter's former role as its President. Corgan will be responsible for TNA's day-to-day operations, while TNA's statement says that Carter will focus on long-term planning, strategic partnerships, and global growth.

"Billy is a visionary, an iconic artist, and savvy businessman with an incredibly gifted creative mind. He has built a decades-long successful global brand, and also has a deep passion and understanding for professional wrestling,” Carter said. “In working with Billy over the last 16 months, he has impressed me to the point that I’ve been in discussions with him to take an elevated strategic leadership role within the company. The more we discussed our vision for the organization, the clearer it became that position needed to match his commitment.

“I believe in this company, its passionate fans, the talented roster and the dedicated staff and crew,” Corgan said. “I am committed to this great opportunity and will use all of my resources and connections to drive the success of this company. This year we have made significant strides in establishing a strong foundation for our future and will be aggressive in continuing to evolve and grow the IMPACT brands.”